Aust stocks close slightly in the red

Date: February 11 2013

Australian stocks have closed lower, as falls in mining-related sectors cruelled the market's bid to break through the 5,000-point level.

The benchmark S&P/ASX200 index ended Monday's local session down 11.8 points, or 0.24 per cent, at 4,959.5 points, while the broader All Ordinaries index ended 9.1 points, or 0.18 per cent, lower at 4,980.3 points.

The local bourse opened down about 0.1 per cent but edged into positive territory by noon AEDT before slipping back into the red during afternoon trading.

CMC Markets senior trader Tim Waterer said the benchmark S&P/ASX200 index spent much of the day "going through the motions" as investors awaited further direction from the latest corporate earnings results due out later in the week.

"Narrow trading ranges and a general lack of buying conviction resulted in a listless performance from the local bourse, with any ASX200 aspirations of a move to the 5,000 level postponed for the time being," Mr Waterer said in a research note.

The Chinese New Year holiday had also sapped Asian markets of much liquidity, Mr Waterer said.

The standout performer on the market on Monday was JB Hi-Fi, with the electronics retailer soaring 17.08 per cent, or $1.88, to $12.89 after reporting a three per cent rise in first half net profit to $82 million.

Moreover, JB Hi-Fi, which was the best-performing stock on the S&P/ASX200, forecast a seven per cent rise in full year net profit.

The consumer discretionary sector rose a market-leading 1.54 per cent on Monday, according to IRESS data.

Among the other retailers, Harvey Norman advanced 5.91 per cent, or 13 cents, to $2.33, Myer jumped 3.09 per cent, or eight cents, to $2.67 and David Jones rose 2.66 per cent, or seven cents, or $2.70.

The materials sector - a large slice of the market - fell 0.48 per cent and gold stocks were down 0.56 per cent.